Vietnam says trade talks with US nearly completed; US officials more cautious

Hanoi recently reported that Vietnam and the United States are nearing completion of their trade negotiations, though US officials expressed more caution. Deputy Prime Minister Pham Gia Tuc confirmed the final text of the agreement was sent to the US, stating they hope the US will maintain a favorable environment for Vietnamese goods in the US market.

Tuc also emphasized that Vietnam anticipates an impartial evaluation of its Section 301 investigation, which includes industrial overcapacity and intellectual property rights.

US Ambassador to Vietnam Jennifer Wicks echoed these sentiments, stressing that both governments are still negotiating a reciprocal trade agreement. She urged Vietnam to adjust its data protection regulations to attract investment and enable efficient technology deployment. Tech companies have previously criticized Vietnam's strict data transfer limits, which deter foreign investment.

Wicks also called for Vietnam to establish stable pricing policies to encourage investment in its burgeoning energy sector. Vietnam has been in negotiations for years with potential foreign investors concerning electricity pricing, and the country has already reduced subsidies for some renewable energy investors. David Fogel, the US Assistant Secretary of Commerce, expressed hope for continued cooperation on the trade deal, acknowledging the US has the largest deficit with Vietnam among its partners.

Fogel encouraged Vietnamese businesses to invest more in the US, promising world-class super-intelligence hardware and innovative solutions.